Sean Quinn jnr to purge contempt of court order by selling Dublin pad
Published 30/10/2013 | 01:30
The sale of Fermanagh businessman Sean Quinn jnr's home in Dublin in the next four weeks will finally purge a contempt of court order against him, a judge in the Republic has said.
Once the transaction over the house in Castleknock is completed, that will be the end of High Court contempt proceedings against Mr Quinn, Ms Justice Elizabeth Dunne said.
Mr Quinn's counsel Martin Hayden told the judge yesterday two valuations from auctioneers of £340,00 and £380,000 respectively have been received for the house, which Mr Quinn owns with his wife Karen Woods.
Mr Quinn's half of the sale figure will go to Irish Bank Resolution Corporation (IBRC) which brought contempt proceedings against him over a finding by Ms Justice Dunne that he participated in a $500,000 (£300,000) payment to the general director of Quinn Properties Ukraine (QPU), Larissa Puga, on the eve of IBRC'S takeover of QPU.
He was jailed for three months for contempt but even after serving his jail term, he was still required to take steps to repay the money involved in order to fully purge his contempt.
To do so, he offered to sell the Dublin house and Mr Quinn's 50% share of the sale transaction can be paid as directed by the court, Mr Hayden said.
Ms Justice Dunne said this went some way towards meeting the re- quir- ement for Mr Quinn to purge his contempt.
While it was not the full amount, it was the best that can be done under the circumstances, she said.
Once the transaction is complete, the matter should come back before her on December 4 for the court to direct what should be done with the money received, she said.
The judge said she expected the price to be achieved for the property would be the mean figure of the two valuations – some £360,000.
After being told by Mr Hayden that the timescale for the transaction was likely to be four weeks or sooner, the judge said when that is done the matter should come back before the court on December 4 for directions on what should be done with the money. "Assuming that is the position, that will be the end of the matter as far as Sean Quinn jnr is concerned," she said.
In July last year, when the judge jailed Mr Quinn for contempt, she also issued a warrant for the arrest for his cousin Peter Darragh Quinn for him to also serve a three-month sentence for contempt.
That warrant remains unexecuted.
Peter Darragh Quinn lives in Co Fermanagh where it cannot be served, and he has not crossed the border.